The Mexican peso is all over the place

The currency is down by 0.6% at 21.9233 per dollar as of 12:07 p.m. ET.

Earlier, the peso rallied to being little changed for the day at 21.7819 per dollar around 11:45 a.m. ET after being down by about 1.0% at 22.0196 per dollar around 11 a.m. ET.

This follows Tuesday, when it dropped to a new record low.

The currency becamesomething of a gaugeof Trump’s prospects during the months leading up to the election. When traders thought Trump’s prospects of winning went up, the peso often went down against the US dollar – and vice versa.

It weakened by about 20% against the dollar last year.

Analysts and economists had attributed the currency’s volatile moves to the fact that Trump’s strongprotectionist platformwould most likely have negative repercussions for the Mexican economy if implemented.